Compare building insurance
Building insurance covers your home structure only, not the contents inside. Learn more about what is covered, what isn’t covered and compare your options.
What do home building insurance policies cover?
Building insurance protects the physical structure of your property from financial loss. The policies are designed to cover your residential home, including flat units, townhouses, terrace houses and free-standing homes.
While building insurance policies can vary, they'll usually cover these parts of your home too.
- Garages and carports
- Sheds
- Fences, gates and outdoor walls
- Decks, patios, pergolas and verandahs
- Fixed swimming pools and spas
- Driveways
- Permanently fixed indoor and outdoor items like solar panels and satellite dishes
- Boat jetties and pontoons.
When am I covered?
Insurers have a set of defined events where, if they occur, you should be covered. These include:
Storms
Lightning
Fire
Cyclones
Theft and burglary
Vandalism
Water damage/ escape of liquid
Impact damage
How much does building insurance cost?
Well, we did some research and found that the cheapest policy was $154 a month.
Premium prices will change based on your individual circumstances, so while our research - from 15 home insurers, says the cheapest policy is $154, that was based on our criteria.
Make sure to get a quote (or multiple), so that you get the best value for your money.
| Brand | $500,000 Building - Monthly price | $500,000 Building - Annual price | $1,000,000 Building - Monthly price | $1,000,000 Building - Annual price | Get quote |
|---|---|---|---|---|---|
 | $228.56 | $2,281.42 | Unable to get quote | ||
 | $197.21 | $2,366.55 | $299.10 | $3,589.06 | |
 | $222.24 | $2,666.68 | Unable to get quote | ||
 | $244.89 | $2,368.25 | $347.15 | $3,344.82 | |
 | $256.77 | $2,486.68 | $364.60 | $3,512.06 | |
 | $233.80 | $2,439.58 | $384.15 | $4,008.50 | |
 | $213.18 | $2,268.50 | $352.16 | $3,718.76 | |
 | $224.64 | $2,695.59 | $341.18 | $4,094.23 | |
 | $224.64 | $2,695.59 | $341.18 | $4,094.23 | |
 | $154.03 | $1,848.16 | Unable to get quote | ||
 | $268.75 | $2,605.09 | $381.95 | $3,679.30 | |
 | Unable to get quote | $432.69 | $4,607.35 | ||
 | $222.48 | $2,321.51 | $365.57 | $3,814.57 | |
 | $195.42 | $2,039.06 | $320.93 | $3,348.75 | |
This is not a full market comparison and there are other providers available.
Learn more about our methodology
- Quotes were obtained for the same 3-bedroom NSW home in Elizabeth Bay owned by a family of two.
- Building replacement costs for all quotes were $500,000 and $1,000,000.
- Excess is $500 if possible depending on insurer.
- Quotes were obtained in June 2025 and were for a home only insurance policy
- Homeowning family of two who moved into their property in 2023.
- Three bedroom, 1 story freestanding house on flat ground with brick veneer walls, terracotta tiled roof, no verandas and built in 1980.
- Windows secured by deadlocks, with no security devices.
How much cover do I need?
Having the right level of protection in place can save you thousands of dollars in the long run. However, some estimates suggest that as many as 80% of Aussie's are under-insured. Whilst it may seem appealing to cut costs at first, the risk of not having enough cover in place is not worth it.
The building insurance policy you take out should cover the total replacement cost of your property, including other expenses which may arise such as demolition and temporary accommodation. If you're under-insured, you'll have to pay the gap between what your policy covers and the replacement cost for your building, which in many cases could be a substantial amount of money.
To help calculate the cost of what it'd cost to replace your home, you can use a building insurance calculator. While these aren't perfect, it's a good starting point.
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